The Inquiry30 Des 2025

How did music megatours become such a money spinner?

Taylor Swift’s Eras Tour shattered records, becoming the highest-grossing concert tour of all time, redefining what’s possible and confirming a new era in the business of touring.

As streaming transformed how we listen to music, selling records is no longer the financial centrepiece it once was for artists. Instead, exclusivity has been transferred to the live experience. But staging shows on this scale requires enormous investment and complex production. At the same time, ticket scarcity fuels extraordinary demand and rising prices, which mean big ticket prices.

Tanya Beckett explores how technology, fandom and economics turn modern concert tours into multi-billion-dollar ventures.

This week on The Inquiry, we’re asking: How did music megatours become such a money spinner?

Contributors

Kevin Kim, Head of Asia at music distribution company Route Note, Seoul, South Korea

Serona Elton, professor at the Frost School of Music at the University of Miami, United States

Adam Behr, Reader and Head of Music at Newcastle University, United Kingdom

Poppy Reid, music journalist and founder of Curious Media, Sydney, Australia

Presenter: Tanya Beckett Producers: Maeve Schaffer and Matt Toulson Researcher: Evie Yabsley Production Management Assistant: Liam Morrey Technical Producer: Craig Boardman Editor: Tom Bigwood

(Photo: Taylor Swift during The Eras Tour. Credit: Erika Goldring/TAS24/Getty Images)

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